One of the most popular government programs for accumulating retirement savings is the Employee Provident Fund (EPF) plan, which is run by the Employees’ Provident Fund Organization (EPFO) in India.
Each month, companies and workers pay to this fund, which grows over time and yields competitive interest. The flexibility to take money out of your PF account whenever you need to, even when you change employment, is one of its many advantages.
Step-by-Step Procedure for Withdrawing the Entire PF Amount
1. Log in to the EPFO Portal
- Visit EPFO Member Interface, the official EPFO website.
- Enter the captcha code, your password, and your Universal Account Number (UAN) to log in.
2. Confirm Your KYC Information
- After logging in, select the “Manage” area.
- Make sure your KYC (Know Your Customer) information is correct and up to date.
3. Start the Process of Withdrawal
- Navigate to the “Online Services” area.
- Choose “FORM-31, 19 & 10C” as the option.
- Three options will appear: “EPF Part Withdrawal” (for loans and advances), “Full EPF Settlement” (to withdraw the total amount), and a pension withdrawal option.
4. Choose Complete EPF Disbursement
- To take out the whole amount, select “Full EPF Settlement”.
- Fill out the form for a claim that surfaces.
5. Receive Funds
- After submitting the form, give it a few days.
- Your registered bank account will get a credit for the entire PF amount.
Merging PF Accounts When Changing Jobs
It is possible that you will not be allowed to take direct withdrawals from your former employer’s PF account if your UAN is connected to an active PF account. Rather, you will have to combine your previous and current PF accounts. Here’s how to do it:
1. Go to the website of EPFO
- Visit the EPFO website, which is official.
2. Go to Employee Services
- Choose “For Employees” after clicking on “Services”.
3. Opt for a single employee’s EPF account
- Select “One Employee-One EPF Account” from the new page.
- Enter your UAN, password, and captcha code to log in.
4. Incorporate the Accounts
- Enter your previous PF account information.
- Send in the request.
- Your request has to be approved by your present employer.
- EPFO will combine your new and old PF accounts once they are authorized.
Whether you are withdrawing money or combining accounts when you shift jobs, you can effectively manage your Provident Fund (PF) account by following these procedures. Through this method, you may be confident that your retirement funds are safe and available during any changes in your job.
